证券投资基金利益冲突规制探析

On Interest Conflict of Securities Investment Funds

利益冲突是代理人和委托人之间由于利益不一致所产生的冲突,证券投资基金的利益冲突具有多样性、隐蔽性和复杂性等特点。对利益冲突的法律规制包括托管人的监督、独立董事制度、基金投资内部控制和基金份额持有人大会的内部制衡机制和法律禁止、行政规制、强制信息披露和司法救济的外部规制,各种方式都有其优点和缺陷,采取混合机制可取得较好效果。本文最后就我国基金利益冲突的规制现状提出了相关建议。

Conflict arises between agents and trustees due to conflicting interests. As to securities investment funds, the conflict of interests is diversified, subtle and complex. Relevant rules cover areas like regulation of depository, independent director system, risk control of fund investment, internal supervision of mutual fund shareholder meeting, legal prohibition, administrative rules, compulsory disclosure and judicial relief. All these rules have their own individual focus, a mixture of these system could exert a more satisfactory effect. Suggestion is made on the regulatory framework regarding conflict of interests.